What is the Metaverse and Why Does it Matter to Brands?

With the digital world constantly evolving, we aren't surprised to hear that virtual reality is becoming increasingly popular. Technology and the digital universe have taken over many aspects of our lives and are just starting. We have been hearing and seeing the term “metaverse” all over the place, but what exactly is it? 

What is the Metaverse? 

The term metaverse describes a combination of virtual and mixed reality worlds accessed through a headset or browser, allowing people to have real-time experiences and interactions from any distance. It can house social media, online video games, and other apps within the same space. 

A few metaverses already exist. Fortnite and Roblox are great examples of the metaverse; each channel has its own world where a player creates an avatar and plays different games and challenges live with other players. 

As the metaverse grows, more companies will become involved. The metaverse is not just one kind of experience. It refers to a spectrum of immersive digital experiences that will be available to users in the future, allowing them to engage in various activities in complete digital spaces. 

The leading social media platforms we are seeing get involved with the metaverse are Meta (Facebook) and Microsoft. These companies are investing in social virtual reality to create platforms where people can work remotely or connect socially.  

Why the Metaverse Matters to Brands

The metaverse is set to drastically change the business environment, making the online presence of brands and companies even more essential than ever. The metaverse offers the opportunity to increase customer engagement, retention, and experience. For example, all customer service operations could be collectively in one omnichannel space, like virtual customer service avatars, instead of over the phone or a chatbot. 

Working in a Virtual Reality Environment

Due to the COVID19 pandemic, we have all experienced working remotely in a virtual setting. Many businesses have now moved their operations online and have made it available for their employees to work from home if they please. Zoom meetings are a perfect example of using the metaverse to complete work while collaborating with coworkers in real-time, no matter the location.  

Other Examples of the Metaverse We’ve Seen 

Retail companies are slowly getting involved in the metaverse. Nike has created Nikeland; a virtual store opened last year in Roblox where you can buy and dress your avatar in Nike apparel. By early this year, nearly 7 million people have visited Nikeland. 

Celebrities and musicians are also joining in on the metaverse. In 2020, Travis Scott arranged a virtual concert hosted by Fortnite. 12.3 million people attended the event. When watching the video of that concert, you soon realize that the dancing figures are all real people joining this event from all over the world. 

The most significant metaverse invention to date is VR headsets. VR headsets provide a 3D virtual reality experience for the user. They are widely used with video games, but they can also be used to watch movies, do simulations, and trainings. The number one VR headset on the market is the Oculus Quest, created by Meta (Facebook), with one version costing $400.  

The Takeaway

The metaverse is not going to be implemented tomorrow, but it will be here before you know it! It is important to keep up with trends no matter the size, in order to grow your business. As our world continues to change into a digital one, we all must be able to keep up to stay afloat. 

For more on the newest trends in the digital marketing world, check out the Power Move Marketing blog. If you need help keeping up with the trends, visit our website or contact us today. Our team at Power Move Marketing is excited to help you grow your business!



Author: Lauren Washko